Kansas House Bill 2562 Sent to the Governor April 9th
This past week the Kansas Legislature passed House Bill 2562 and sent it to the Governor to sign. This is a bill that was all about protecting vulnerable adults from financial exploitation. It was originally about financial advisors and securities. But at the last minute, they crammed a bunch of other stuff in there . . . other bills that were not doing so well, but will now be signed into law shortly.
What was added to the Bill:
- Authorizing the Kansas Real Estate Commission to Issue Cease and Desist orders and a few other things so they can effectively enforce Kansas Real Estate License Law that already exists. . . more in a minute.
- Regulating Contract for Deed Transactions as no actual law governed them in Kansas.
A few other things added, but those are outside the scope of our focus here at MAREI.
Read the Final Amended Version Below
Look on page 3 in New Sec 10 through New Sec 13 to find where the Contract for Deed Information Starts.
Then at the bottom of page 9 in Sec. 17. you will find the information on the Cease and Desist.
Pat particular attention to Willful violation of any provisions of this act or the brokerage relationships in real estate transactions act is a misdemeanor punishable by imprisonment for not more than 12 months or a fine of not less than $100 or more than $1,000 or both, for the first offense and imprisonment for not more than 12 months or a fine of not less than $1,000 or more than $10,000 or both for a second or subsequent offense. Wholesalers this entire part is just for you!.
